This article estimates the effect that the announcement of a "special military operation in Ukraine" made by the President of Russia had on the performance of emerging stock markets. For the above, the Fama & French 5-factor model is contrasted using 4 different econometric methods. The results indicate that those global investors who opportunely took refuge in the stock markets of China, Colombia, Mexico and Malaysia had a superior stock market performance in economies that jointly showed, during the years 2022 and 2023, positive economic growth rates.